Can Quantum Computing Break Bitcoin? Satoshi Nakamoto Predicted It Long Ago
Google recently made big news by releasing a quantum computing chip called Willow, which is incredibly fast, outperforming today’s best supercomputers by over a hundred billion times. As soon as this news broke, the Bitcoin community went into a frenzy, as everyone relies on solving mathematical problems to earn BTC.
Developers in the cryptocurrency sphere also became anxious, with Ava Labs’ head Sirer expressing concerns that Satoshi Nakamoto's 1 million bitcoins might be at risk, due to the technology becoming obsolete and unable to keep up with quantum computing.
However, someone dug up a post from Satoshi Nakamoto on BitcoinTalk in 2010, where he discussed what would happen if Bitcoin's encryption were broken. Satoshi said, "If SHA-256 is really broken, we’ll discuss locking the honest blockchain and switching to a new hash function to continue."
He also mentioned that if the hash collapse happens gradually, Bitcoin could smoothly transition to a new hash. How would this transition occur? The software would need to be programmed to switch to a new hash value after a certain block number, and everyone would have to upgrade at that time. The software could also store the new hash values of old blocks, ensuring that the old hash values could not be used to deceive anyone.
Bitcoin's proof-of-work mechanism relies on the SHA-256 hash algorithm to maintain data integrity, generating encrypted hash values during mining. ECDSA, on the other hand, is a digital signature algorithm used to protect private keys and validate transactions.
Although Willow represents a significant step in quantum technology, its 105 qubits are still far from being able to break Bitcoin's encryption algorithm.
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